Details added, first version posted at 12:55
Baku, Azerbaijan, June 1
By Leman Zeynalova - Trend:
France's Total company will create a joint venture with Azerbaijan's State Oil Company SOCAR on the Absheron field development project, said Total's Vice-President of Europe and Caspian Region Bernard Clement.
He made the remarks during the 24th Caspian International Oil and Gas Conference in Baku June 1.
"For the first time in Azerbaijan, we will establish a joint company with SOCAR called JOCAP (joint operation company for Absheron petroleum). Total and SOCAR will have 50 percent share in this company each," said Clement.
He noted that the company will become operational in 2017.
Clement pointed out that Absheron has the potential to produce three or four times more than it will produce in the first phase of development.
"We have agreed with SOCAR on two key objectives: fast development of the field in order to bring gas as fast as we can; and to use the existing facilities as much as we can in order to reduce the cost," he added.